perspectives on the luxury goods & services industries ...giorgio armani emporio armani armani...
TRANSCRIPT
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INTERNATIONAL UNIVERSITY OF MONACO (IUM)Master of Science in Luxury Goods & Services Program
PRESENTATION
Perspectives on the Luxury
Goods & Services
Industries
&
Career Opportunities
UCEMA, Buenos Aires, Wednesday, March 31, 2010
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OUTLINE OF OUR PRESENTATION
• The Worldwide Luxury Market ,
its Evolution & Current
Challenges
• Studying Luxury
• Working in the Luxury Industry
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DEFINING LUXURY
• What is luxury?
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DEFINING LUXURY
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DEFINING LUXURY
• What is the luxury industry?
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WHAT IS THE LUXURY INDUSTRY?
The Traditional Luxury Sectors
Fashion & Apparel,
32%
Perfumes & Cosmetics,
23%
Accessories 22%
Branded Jewelry,
20%
Arts de la Table, 3%
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WHAT IS THE LUXURY INDUSTRY?
Luxury is breaking through all Sectors
Hotels, Spas, Hospitality & Tourism
Food, Wines & Spirits,
Cars, Yachts, Private Jets
Event Planning & Concierge Services
Arts
Real Estate
Education
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WHAT IS THE LUXURY INDUSTRY?
Fashion Cosmetics Leather Goods Cars Hotels
Mass marketLow-end goods
Medium / Mid-Range
LuxuryHigh-end goods
Mass marketLow-end goods
Medium
Luxury
Mass marketLow-end goods
Medium
Luxury
Mass marketLow-end goods
Medium
Luxury
Mass marketLow-end goods
Medium Quality Mid-Range
Luxury
The Luxury Industry
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Diverse Levels of Luxury appealing to various customer segments
Upper middle class
New rich & emerging countries
Very rich
Exception
Prestige
OstentationStatus
Affordable Luxury
Luxury
Uber Luxury
WHAT IS THE LUXURY INDUSTRY?
Brands / Product Lines Customer Segments
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An illustration : The Watch Industry
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Giorgio Armani
Emporio Armani
Armani Collezioni
Armani Jeans
Armani Exchange
Luxury Segment
Fashion Segment
Diffusion Segment
Casual Segment
Fast Fashion Segment
Diverse Levels of Luxury appealing to various customer segments
An illustration : The case of Giorgio Armani
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WHAT IS THE LUXURY INDUSTRY?
� Who are the luxury players?
� Which brands are true luxury brands?
� Which brands are “wannabe”luxury brands?
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Interbrand’s top luxury brands listing (2008)
• Financial Analysis: forecasted current and future revenue specifically attributable to the brand
• “Role of Brand Analysis”: measure of how the brand influences customer demand at the point of purchase
• Brand Strength analysis: benchmark of the brand’s ability to secure ongoing customer demand (loyalty, repurchase, retention)
WHO ARE THE LUXURY PLAYERS?
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WHO ARE THE LUXURY PLAYERS?
Conglomerates & Multi-brand Groups
• LVMH
• PPR – Gucci Group
• Richemont (Cartier)
Independent & Family Owned Groups
• Armani• Bulgari• Chanel• Ferragamo• Hermes• Zegna
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CEO: Bernard ArnaultSales (2008): € 17 billionStaff: 80 000 Directly Operated Stores: 2314Strategy: Growth by acquisitionBrand Value: € 16 billion (Louis Vuitton)
Brands :Fashion: Louis Vuitton, Dior, Fendi, Loewe, Marc Jacobs, Donna
Karen, Marc Jacobs, Celine, Kenzo, Givenchy, Thomas Pink, Pucci, Berluti
Watch: Tag Heuer, ZenithSpirits: Moet, Hennessy, etc
LOUIS VUITTON MOET HENNESSY
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€ 6 010 million
Source: LVMH Annual report 2008 on http://www.lvmh.com
LOUIS VUITTON MOET HENNESSY
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CEO: François-Henri Pinault Sales: (2008): € 3,4 billion Staff: 11,000Directly Operated Stores : 560 storesBrand Value : € 6 billion (Gucci)
Brands:Fashion: Gucci, Yves Saint Laurent, Balenciaga,
Alexander McQueen, Stella Mc CartneySergio Rossi, Bottega VenetaBoucheron, Bedat
PPR – GUCCI GROUP
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Source: PPR Annual report 2008 on http://www.ppr.com
€ 561 million
PPR – GUCCI GROUP
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CEO: Patrick ThomasSales (December 2008): € 2 billion Staff: 7 900Directly Operated Stores: 165Strategy: Organic growth Brand Value : € 3,5 billion
HERMES
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� More than 170 years of existence
Source: Hermès Annual report 2008 on http://www.hermes.com
€ 335 million
HERMES
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WHY IS
LUXURY
RAISING
SO MUCH
INTEREST?
2 main reasons
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WHY IS LUXURY RAISING SO MUCH INTEREST?
1995 75 billion €
2000 130 billion € + 73%
2005 145 billion € +11,5%
2006 160 billion € +10%
+6%
1) A Huge & Profitable Business
The Worldwide Luxury Goods Market*
* All figures from Bain Consulting
170 billion €2008
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WHY IS LUXURY RAISING SO MUCH INTEREST?
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USA35%
Rest of the World17%
Japan15%
Europe33%
WHY IS LUXURY RAISING SO MUCH INTEREST?
* All figures from Bain Consulting
Luxury Markets by Geographic Area
2) A Global & Growing Business
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A GROWTH FUELED BY CONVERGING FACTORS
An Expanding Business on a Global Scale
Over the next 3 years, the luxury market is expecte d
to grow by:
• 20% in Russia
• 25% in India
• 50% in China
• More Affluent Consumers (HNWI)
4.5 M in 1995
9 M in 2008 of which 85.000 Ultra Net Worth Individuals**
Representing a total wealth of US$ 33 trillion
• Other positive drivers
World Tourism
Demographics
Changes in Consumer Behaviors
Figures from Capgemini & Merrill Lynch, 2006* HNMI hold more than 1 Million $ in financial assets** UNWI hold more than 30 Million $ in financial assets
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WHAT ABOUT
THE ECONOMIC
CRISIS?
HOW IS
THE LUXURY
INDUSTRY
AFFECTED?
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THE CURRENT CRISIS IS CHANGING THE SITUATION THE CURRENT CRISIS IS CHANGING THE SITUATION ……..
• On a global scale, 1125 billionaires have lost 50% of their wealth
• Globally, the richest people have lost $ 10.000 billions
• The USA have lost 3.7 million millionaires
• According the Bain Consulting, the global luxury industry have decreased by 9% in 2009
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THE CURRENT CRISIS IS CHANGING THE SITUATION THE CURRENT CRISIS IS CHANGING THE SITUATION ……..
1995 75 billion €
2000 130 billion € + 73%
2005 145 billion € +11,5%
2006 160 billion € +10%
+6%
2009 Est. 160 / 170 billion €
0% to -10%
2010 Est. 160 / 170 billion €
+1% to 5%
The Worldwide Luxury Goods Market*
* All figures from Bain Consulting
170 billion €2008
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IS LUXURY CRISIS RESISTANT?
IT DEPENDS !!!!
� According to sectors
� According to geographic areas
� The case of the French Luxury Industry
* All figures from French Foreign Trade Ministry
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IS LUXURY CRISIS RESISTANT?DIVERGING FEEDBACK FROM THE INDUSTRY
• Perfumes:-20% in volume, -35% in value
• Swiss Watches:Exports are down 30% in volume, 35% in value
• LVMH Financial Results - First Term 2009
� Fashion & leather goods : + 4%
� Jewelry & watches: - 41%� Wines & spirits: - 22% � Cosmetics : - 11%
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• Geographical Areas
– USA (New York City, Florida, etc)
– UK (The City of London)– Monte-Carlo
– Eastern Europe– China
IS LUXURY CRISIS RESISTANT?DIVERGING FEEDBACK FROM THE INDUSTRY
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THE CASE OF THE FRENCH LUXURY INDUSTRY
Diverging results according to sectors
� Wines, Spirits & Champagne have
suffered the most
� According to the “ Institut français de
la mode (IFM) » sales of fashion
goods have decreased by 4% in
France in 2009
� Luxury hotels: occupancy rate
decreased by 5 to 9% and RevPar
have decreased by 10 to 18%
� Leather Goods are the most resilient* All figures from French Foreign Trade Ministry
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Diverging results according to
geographical areas
� Europe represents
� 60% of all French exports
� 49% of French Luxury exports
� Emerging countries represented
� 19% of French luxury exports in 2003
� 30% of French luxury exports in 2009
� Asia decreased its imports of French
Luxury Goods by 5% in 2009 but …
� China increased its imports of
French Luxury Goods by 7% in 2009* All figures from French Foreign Trade Ministry
THE CASE OF THE FRENCH LUXURY INDUSTRY
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GUCCI GROUP
� Gucci group, subsidiary of PPR which owns the brands Gucci, Bottega
Veneta, Yves Saint Laurent, Balenciaga, Stella Mc Cartney, Boucheron,
Alexander McQueen
� Gucci group turnover in 2009 : € 3,4 billions (stable/2008)
� Emerging countries represent 33% of the Gucci Group sales
� During the 2009 last trimester, Gucci sales in China increased by 48%
� Internet is a strategic priority
� Internet sales are growing & profitable
� The Gucci US e-commerce site is the 10th largest Gucci store
� 3 geographic priorities: China, India, South America
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SWISS WATCH INDUSTRY
The Swiss Watch Association is reporting a
recovery of its imports after 14 consecutive
months of decrease (- 22% in 2008 - 2009)
Comparison February 2009 – February 2010:
Wrist watches ≤ SF 500 + 31%
Between SF 500 – 3000 +46%
≥ SF 3000 +4%
Exports to Hong Kong: +17%
Exports to China +49%
Exports to Singapore +42%
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BULGARI
Turnover in 2009: € 930 millions
Corresponding to:
- a decrease of 13,8%
- a loss of € 47 millions (compared to a
profit of € 83 millions in 2008)
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PORSCHE
Turnover August 2009- January 2010: € 3,2
billions (+4%)
Corresponding to a profit of € 330 millions
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• Decrease of 2009 turnover by 17%
Turnover = €114,1 millions
• Japon : -18% in yens (-5% in euros).
• USA: -31% in dollars (-27% in euros)
• Europe : -20%
BACCARAT
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LVMH: Bernard Arnault becomes the richest man in Eu rope
According to Forbes (2010)1 011 billionaires in the world in 55 different countries
Bernard Arnault, CEO of LVMH, is the 7th richest man globally and the richest in Europe, with a private wealth estimated at US$ 27,5 billions, an increase by 11 billions from 2009
Liliane Bettencourt (L'Oréal) ranks 17 François Pinault (PPR) ranks 77Alain & Gérard Wertheimer (Chanel) rank 93
Bill Gates ranks secondMexican Carlos Slim ranks first
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NEW TRENDS ARE EMERGING…..
– The shrinking Bling Bling segment• Considered Irresponsible or
Disrespectful • Understatement
• Austerity is fashionable
– A return to the true luxury values• Value for Money
• Classic Items versus Seasonal Items
– Reduce & Reuse• Down-trading
• Cheap & Chic (fast fashion)
• Discount (e-commerce, outlets, etc)
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MANY CHALLENGES as well as MANY OPPORTUNITIES !
� Customers are always more
demanding and very savvy
� Consumers are smarter and looking
for better deals
� Consumers are looking for VALUE
� Customers want emotions, sensations,
memories, a unique experience
� Customers want services (not
servants) and convenience
� The ultimate personalization: product
is no longer a status symbol: people
want to be different and create their
own personal status
� A branded product is not enough!
New emerging trends : Sustainability, Technology, C onvenience, Health & Wellness, Feminization of Society & Individualism
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• Counterfeiting & Grey market
• The World Trade Organization (WTO) defines counterfeiting as the “unauthorized representation of a registered trademark carried on goods identical or similar to goods for which the trademark is registered, with a view to deceiving the purchaser into believing that he/she is buying the original goods” (www.wto.org).
MANY CHALLENGES …..
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• Counterfeiting & Grey market
• Rolex watches, Tiffany jewelry, and Prada and Louis Vuitton handbags are among the most counterfeited and most demanded counterfeit goods.
• The World Customs Organization reported in 2008 that counterfeit goods account for approximately $600 billions
• Currently, it is estimated that 5%-7% of the world trade is in counterfeit goods (International Anti-Counterfeiting Coalition, 2009).
MANY CHALLENGES …..
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Counterfeiting & Grey market : Key facts
• $600 billion
• 5-7% of global trade
• Costs U.S. businesses $200 billion to $250 billion
• Loss of more than 750,000 American jobs
• Domestic value of counterfeit goods rose 38%
• In the US, the number of IPR seizures in FY 2008 increased to 14,992 (from13,657)
• Louis Vuitton employs a team of 60
• Lacoste budgets $4.2 million annually for anti-counterfeiting
• Coach has filed 50 lawsuits just in the US in the last year
MANY CHALLENGES …..
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Counterfeiting & Grey market : Beyond the figures
• Child Labor
• Links to Terrorism and Organized Crime
Examples:– Al-Qaeda– Drug Trade– Mafia in Europe
MANY CHALLENGES …..
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• Counterfeiting & Grey market
• Economic slowdowns and crisis
• Industry concentration
• Democratization
• Emerging markets
• Loss of true experience– “Today buying a luxury brand handbag is an exercise in banality: you walk
into the well-appointed store past the chic-suited security guards, peruse what’s on display, choose, pay and walk out with your purchase. The shopping experience may have been pleasant, but in the end it was no different from going to the GAP, except for the price”
MANY CHALLENGES …..
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MANY CHALLENGES as well as MANY OPPORTUNITIES ! A PROMISING FUTURE….??
• On the Demand Side• “Le luxe, tout le monde en rêve”
• Endless quest for “enchantment”
• Luxury is about what people dream of being
• Emerging markets
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1995 : start of international luxury goods sales in China: – Termination of Foreign Exchange Certificate– RMB pricing
2008: total domestic luxury goods sales reached 8.6 billions USD
THE CHINESE LUXURY MARKET
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• 1978 – Pierre Cardin• 1991 – Ermenegildo Zegna• 1992 – Louis Vuitton• 1992 – Dunhill• 1993 – Burberry• 1993 – Chanel• 1994 – Hugo Boss• 1996 – Gucci• 1997 – Christian Dior• 1998 – Giorgio Armani• 2005 – Valentino
ENTRY OF LUXURY PLAYERS IN CHINA
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Others
Jewelry
Cosmetics & Skin Care Leather Goods & Luggage
Menswear
Jewelry
Watches Shoes Others
(In ‘000,000,000USD)
Women’s wear
Source: “”China Luxury Market Study”, Bain & Company, Nov 2009
OVERVIEW OF THE CHINESE LUXURY MARKET
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In 2008, China’s HNWI population surpassed that of the UK to become the fourth largest in the world
Source: Merrill Lynch, Capgemini; Asia-Pacific Wealth Report 2009
CHINESE HNWI
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Increase in domestic purchase
Fierce competition in 2nd and 3rd tier cities
THE CHINESE LUXURY MARKET TRENDS
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• Counterfeiting• Luxury brand name manipulation
CHALLENGES OF THE CHINESE LUXURY MARKET
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MANY CHALLENGES as well as MANY OPPORTUNITIES ! A PROMISING FUTURE….??
• On the Demand Side• “Le luxe, tout le monde en rêve”
• Endless quest for “enchantment”
• Luxury is about what people dream of being
• Emerging markets
• On the Supply Side
– European Companies have a major
role to play to preserve their
leadership , traditions & “art de vivre”
• Intensive Search for New Talents• Not only in Design & New Product
Development
• But also: managers, financiers, consultants,
trainers, marketers, merchandisers,
communicators, etc
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End of the First Section
Thank you for your attention
Questions?
Second Section• Studying Luxury
• Working in the Luxury Industry
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Why Study Luxury?
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Studying LUXURY is Challenging
� Luxury is difficult to grasp � Which boundaries? Which future?
� Luxury is related to � Myths, Symbols, Rituals
� Styles, Codes
� Luxury is a Huge but Demanding Business� Billions of Euros� From Family Businesses to Multinationals
� From unique craftsmanship to mass production
� Old & new Brands� Sophisticated branding & marketing strategies
� A mix of occasional and initiate clients
WHY STUDY LUXURY?
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� From family businesses to conglomerates
� From a local to a global reach
� From one brand to a portfolio of brands
Core Activity
Peripherals
New Segments
New Sectors
� From intuitive craftsmen to professional managers
IMPACT of GLOBALIZATION on THE LUXURY COMPANIES’
STRUCTURE & STRATEGIES
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PRODUCTION
� Master the assortment driven supply chain
DISTRIBUTION
� Excel in distribution
MARKETING
� Understand the customer
� Create meaningful design and creativity
� Use sophisticated marketing tools
INVEST IN HUMAN RESOURCES
� Recruit talented and well trained managers
� Quality of staff is as important as quality of product, service or facilities
� Raise employees' discernment
STRATEGIC CORE COMPETENCES TO MASTER
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UNDERSTAND YOUR POTENTIAL AND HAVE A
CLEAR IDEA ABOUT YOUR CAREER
BUT WHAT DO YOU NEED TO SUCCEED IN A
LUXURY CAREER?
PASSION
Identification
of preferred
Industries
Identification
of preferred
Role
Vision of
career
development
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CAREER OPPORTUNITIES
• Retail position: Assistant Store Manager, Stock Associate
• Wholesale and Travel Retail positions
• Product and Licences : Jr Product Manager, Brand
Management, Merchandiser (~MKT)
• Communication positions: PR, Events, Celebrities,
Advertising, Media Planning, Brand Identity (~MKT)
• Other functions (finance, HR,..)
FASHION, ACCESSORIES
and RETAIL BUSINESSES
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CAREER OPPORTUNITIES
• MARKETING: CRM, analysts,
• Business Development and Sales positions
• Product and Licences : Jr Product Manager, Brand
Management, Merchandiser
• Communication positions: international Media, PR
• Retail position: Assistant Store Manager, Stock Associate
• Other functions Junior Finance positions and Analyst roles
JEWLRY, WATCHES, PERFUMES & COSMETICS,
WINS & SPIRITS
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Studying Studying LUXURY LUXURY at IUMat IUM
� Master of Science in Luxury Goods & Services Program
� Master in Luxury Retail Management Program
� MBA In Luxury Brand Management Program
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Studying LUXURY at IUM
� Challenging programs: � Understand luxury
� Its immaterial, sensorial, emotional dimension� Its “Business” dimension
� Acquire soft and hard skills� Transform yourself to access the world of
luxury� Adopt the “Luxury Religion”
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ACADEMIC PRACTICAL APPLIED
18 different coursesImmersion in a Luxury Retail Setting
INDIVIDUAL APPLIED PROJECT & RESEARCH
Directed Industry Analysis
Industry, Company & Brand analysis
Portfolio of Work
An individual and creative document to capture each
student learning process, to demonstrate their skills and
capabilities
60 credits in total Field Trips and Company Visits
Provide students with the concepts, tools and frameworks necessary to recognize, analyze and manage the business variables and issues specific to the luxury industry.
Conferences and Discussions with ProfessionalsMentorship Program
Three Main Components
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Curriculum Structure
Term 1
LXRY 650: Introduction to Luxury Goods and Services
LXRY 658: Accounting and Financial Management in the Luxury Industry
LXRY 655: Human Factors in the Luxury Industry
LXRY 663: Luxury, Technology, and the Internet
LXRY 664: Luxury Sector Seminar (Part 1)
LXRY 662: Luxury Sales and Customer Relationship Management
Term 2
LXRY 665: The Luxury Industries: Competitive Analysis & Contextual Dynamics
LXRY 658: Accounting and Financial Management in the Luxury Industry
LXRY 661: Luxury Product Design, Development, and Management
LXRY 660: Luxury Pricing, Distribution, and Retailing
LXRY 657: Operations and Supply Chain Management in the Luxury Industry
LXRY 664: Luxury Sector Seminar (Part 2)
Term 3
LXRY 656: Managing Luxury Brands
LXRY 659: Luxury and Global Integrated Marketing Communication
LXRY 642: Luxury Consumer Behavior
LXRY 643: The Luxury Legal Environment
LXRY 654: Capitalizing the Luxury Venture
LXRY 664: Luxury Sector Seminar (Part 3)
DIRS 601: Directed Industry Analysis (6 credits)
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Luxury Students
2009-2010 Class Profile
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Luxury Students
2009-2010 Class Profile
• 44 participants
• 33 women and 11 men – 75% / 25%
• Average age: 26 – from 22 to 34 years old
• Average Number of years of Work Experience: 2.7
• 77% have work experience
• 49% have more than 3 years of relevant work experience
• 21 different nationalities
• Gpa at entry: 3.1
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Luxury Students Distribution by Geographic Area
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21 Different Nationalities
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12 Different Luxury Sectors Studied in the Program
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Luxury Students are graduates of the following universities:
• Northeastern University, Boston, USA
• Oregon State University, USA
• Taipei University School of Arts, Taiwan
• Renmin University of China, Beijing, China
• Russian Foreign Trade Academy, Moscow, Russia
• Southwestern University of Science and
Technology, Sichuan, China
• The Hague University, The Netherlands
• Universita' Cattolica di Milano, Milan, Italy
• Universita Degli Studi di Pavia, Pavia, Italy
• University of Georgia, USA
• University of Guelph, Ontario, Canada
• University of Helsinki, Finland
• University of Miami, Florida, USA
• University of Nottingham, UK
• University of Southern California, Los Angeles,
USA
• University of the Witswaterand, South Africa
• Waseda University, Tokyo
• American University of Beirut, Beirut
• Assumption University, Bangkok
• Babson College, Boston, USA
• Bentley College, MA, USA
• Bond University, Gold Coast, Australia
• Concordia University, Montreal, Canada
• Ecole de la Chambre Syndicale de la Couture Parisienne, Paris
• Ecole Française des Attachés de Presse, Paris, France
• Ecole Supérieure du Commerce Extérieur, Paris, France
• EDHEC Business School, Nice
• Heinrich-Heine University, Düsseldorf
• Helia-Haaga University of Applied Science, Helsinki
• Hertford College Oxford, Oxford University, UK
• Istituto Marangoni, Milan
• London School of Fashion, University of the Arts London, UK
• McGILL University, Montreal, Canada
• New York Institute of Technology, New York City, USA
• New York University, USA
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WE ARE IN CONTACT WITH
BVLGARI
VALENTINO
C H A N E L
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Questions?
Thank you for your attention!
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Brand Classification
• Players in the industry that reached more than $754 million in sales, by country
Source: Luxury Brand Management, a World of Privilege; Michel Chevalier & Gérald Mazzalovo
France Italy
Chanel Armani
Dior Dolce and Gabbana
Hermès Salvatore Ferragamo
Louis Vuitton Gucci
Max Mara
Prada
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Brand Classification“Second tier” players of the industry: sales between $150.8 million and $754 million
France Italy UK
Agnès B Alberta Ferreti La Perla Moschino Burberry
Céline Blumarine Laura Bagiotti Mazareno Garielli Aquascutum
Chloé Bottega Veneta Les copains Roberto Cavalli
Jean Paul Gaultier Brioni Loro Piana Trussardi
Kenzo Etro Mariella Burani Valentino
Lanvin Fendi Mariella Rinaldi Versace
Longchamp Ferre Marni
Sonia Rykiel Furla Missoni
Yves Saint Laurent Krizia Miu Miu
Bellow this level other brands are only national or are present in two or three countries They cannot open stores easily and they do not have enough brand power